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Posts on ‘March 15th, 2012’

Shell’s Labor Costs Rose In 2011 Despite Fewer Workers

Published March 15, 2012: Dow Jones Newswires

LONDON –  The cost of Royal Dutch Shell PLC’s global work force rose 2.8% last year, even though the Anglo-Dutch company reduced its overall number of employees by some 7.2% as the company continues to roll out a long-term plan to shrink headcount.

In recent years, Shell has sought to reshape its portfolio, selling off assets in less-profitable areas like refining and marketing. Chief Executive Peter Voser had made reducing the firm’s overall cost base, including labor, part of his strategic mandate when he assumed his position in 2009. read more

£10.1m is Shell of a pay packet for oil giant’s boss

By STEVE HAWKES, Business Editor Published: Today at 13:41

THE BOSS of SHELL trousered £10.1million last year – and didn’t spend a penny on petrol.

The oil giant’s annual report today revealed chief executive Peter Voser made a fortune in bonuses and long-term share awards.

Benefits included “company provided transport for home-to-office commuting”.

It came as a government-commissioned report said there are nearly EIGHT MILLION Brits in “fuel poverty”.

Shell made huge profits of £18billion – or £2million an hour – last year as oil prices soared to near record levels.

On average Shell filling stations are more expensive than supermarket forecourts. read more

Shell Oil picks Pittsburgh-area site for multi-billion-dollar petrochemical refinery

By Associated Press, Updated: Thursday, March 15, 6:24 PM

PITTSBURGH — Shell Oil Co. has chosen a site near Pittsburgh for a major, multi-billion-dollar petrochemical refinery that could provide a huge economic boost to the region.

Dan Carlson, Shell’s General Manager of New Business Development, said Thursday that the company signed a land option agreement with Horsehead Corp. to evaluate a site near Monaca, about 35 miles northwest of Pittsburgh.

Ohio, West Virginia and Pennsylvania had all sought the plant and offered Shell major tax incentives. Monaca is about 15 miles from both the Ohio and West Virginia borders, so workers in all three states are likely to benefit. read more

Pay of Shell chief more than doubles


By Sylvia Pfeifer March 15, 2012 6:00 pm

Peter Voser, chief executive of Royal Dutch Shell, Europe’s largest oil and gas company by market capitalisation, took home €11.7m last year, more than double his pay in the previous 12 months…

Shell also disclosed that Malcolm Brinded, who will step down as head of exploration and production in April, will receive a severance payment of €2.52m.


Copyright The Financial Times Limited 2012.


Shell admits 207 oil spills in 2011

Anglo-Dutch group is still investigating a further four spills in Nigeria that it admits may raise the 2011 total

Shell has revealed that its global oil spill record got worse over the last year with 207 sizeable incidents in 2011.

The revelations in the company’s annual report — which shows chief executive Peter Voser earned £4.5m last year — come less than 24 hours after directors were criticised by British MPs for alleged complacency over safety plans for future drilling in the Arctic.

Shell said in its annual report that the number of “operational spills over 100 kilograms” increased to 207 during 2011, from 195 in 2010 but it admitted the figure for last year could grow. read more

Shell CEO Voser’s Compensation More Than Doubles on Awards

By Fred Pals on March 15, 2012

Royal Dutch Shell Plc (RDSA) Chief Executive Officer Peter Voser’s compensation more than doubled to 11.7 million euros ($15.3 million) in 2011 from the previous year after long-term incentive bonuses and awards were vested.

Voser’s total compensation included 6.5 million euros in awards that form part of Shell’s long-term incentive awards and deferred bonus plan, it said in an annual report today. Voser, who got 5.5 million euros in total compensation in 2010, had a base salary of 1.55 million euros and a bonus of 3.5 million euros in 2011. The base salary will increase by 3.2 percent to 1.6 million euros this year, the report said. read more

Shell management see pay double to $86m

Directors and senior management at Anglo/Dutch oil giant Royal Dutch Shell saw their total pay ore than double in 2011 to $85.7m (£54.7m).

By , Assistant City Editor: 11:44AM GMT 15 Mar 2012

The company put the jump down to the “high performance gearing” in its remuneration package. Total pay jumped from $42.3m to $85.7m. On top of this senior management and directors saw their combined pension pots swell by $9.2m. According to the annual report the cash was shared between 19 individuals.

The company’s three top directors, chief executive Peter Voser, executive director Malcolm Brinded and finance director Simon Henry took home a combined $9.5m, slightly less than the previous year. read more

Shell chief’s pay soars to £10m ($15.6 million)

Russell Lynch

15 March 2012

Royal Dutch Shell chief executive Peter Voser saw his total pay packet more than double in 2011, a year when shareholders in the oil super-major had to make do with flat dividend payouts.

The blue-chip’s annual report showed Voser’s total compensation last year hit €11.6 million (£10.1 million), boosted by payouts on a host of the company’s long-term share plans, in contrast with a far smaller €4.7 million in 2010. The payout comes after a year in which the Anglo-Dutch giant boosted profits 54% to $28.6 billion (£18.1 billion) as oil prices averaged $111 a barrel. But the company’s dividend remained flat at $1.68 over the year. read more

Shell says being sued for causing climate change

Thu Mar 15, 2012 8:07am GMT

By Tom Bergin

LONDON, March 15 (Reuters) – Oil giant Royal Dutch Shell Plc said it was being sued for causing climate change, suggesting recent court set-backs for environmentalists had not put an end to global warming lawsuits.

The Anglo-Dutch group said in its annual report, published on Thursday, that, “Shell, together with other energy companies, has been subject to litigation regarding climate change”.

“We believe these lawsuits are without merit and are not material to Shell,” the world’s second-largest non-government controlled oil company by market value added. read more

Dogs take lead in sniffing out Arctic oil

As the study itself notes: “Today, no proven operational system exists for detecting oil spill covered by snow and/or ice … “The idea that small dogs can track leaking oil deep under the Arctic pack ice in the middle of winter is absurd,”…

Shell has been training a dachshund and two border collies to detect oil spills beneath snow and ice

When it comes to drilling for oil in the harsh and unpredictable Arctic, Shell has gone to the dogs, it seems. A dachshund and two border collies to be specific.

The dogs’ ability to sniff out oil spills beneath snow and ice has been tested and paid for by Shell – and other oil companies and government research organisations – in preparation for the industry’s entry into the forbidding Arctic terrain. The company hopes to begin drilling for oil off the north-west coast of Alaska in June. read more

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